Experts say the damages could cost as much as $3bn (£2.3bn). "I would say it's certainly going to be one of the largest marine losses in history," said John Neal, chief executive officer of Lloyd's of London.
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In our latest dispute resolution blog, Phillippa O'Neill l looks at the lessons we can learn from an unusual case concerning the University of Exeter and a claim against their insurance provider after the controlled detonation of a World War II bomb - https://lnkd.in/dxM2zuPS
WWII Bomb detonation blows away University’s insurance claim | Buckles
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Marine Insurance Manger/ Professional Photographer/ Marine Insurance Sales/ Specializing in High-End Luxury Yachts/Brokers Department Manager
The marine insurance industry is preparing for substantial claims following the recent Baltimore Bridge disaster involving the Dolly containership. This incident could rival the scale of the 2012 Costa Concordia tragedy, which saw $1.5 billion in payouts. As complex claims unfold, insurers and reinsurers brace for a lengthy process with significant financial implications. https://wix.to/75Y6zcL #newblogpost,#MarineRisk, #InsuranceIndustry, #MaritimeLaw, #BridgeCollision, #SupplyChainImpact, #GlobalTrade, #Containership, #RiskManagement, #Reinsurance, #Payouts,#MarineInsurance, #BaltimoreBridge,#Maritime
The Marine Insurance Industry Braces for Huge Claims from Baltimore Bridge Disaster
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A momentary loss of power on a cargo ship turned it into a missile that caused loss of life, property, trade, public transportation, marine life, port operations, global supply chain etc running into billions of dollars in losses. This is the reason Insurance and Reinsurance exists and has an important place in the society as the ‘balancing factor’ when everything goes south. After the restoration is completed, expect to see impacts on : - Tightening of Underwriting rules that involve a ship passing near a major transport bridge - Loss prevention technology or personnel being put in place for stopping the collision in future - Britannia P&I club revisiting the level of reinsurance cover - Significant rise in Costs of coverage of Cargo tonnage
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest-ever marine loss. AM Best
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best - Reinsurance News
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The recent disaster at the Baltimore port has significantly heightened the risk exposure to international supply chains. The port, a crucial hub for global trade, plays a key role in facilitating the movement of goods between the United States and other countries. The disruption caused by the disaster has led to delays in shipping operations, increased congestion, and potential damage to cargo. As a result, companies relying on the Baltimore port face challenges such as increased lead times, inventory shortages, and rising transportation costs. This incident underscores the vulnerability of international supply chains to unexpected events and highlights the importance of having robust risk management strategies in place to mitigate the impact of such disruptions.
The collapse of the Francis Scott Key Bridge near the Port of Baltimore, Maryland yesterday is expected to drive billions of dollars in insured losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest-ever marine loss. AM Best
Reinsurers to bear the bulk of insured cost of Baltimore bridge collapse, says AM Best - Reinsurance News
http://www.reinsurancene.ws
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Tragedy struck on March 26, 2024, as a Singapore-flagged cargo ship collided with the Francis Scott Key Bridge, causing catastrophic collapse and multiple fatalities. The impact on the Port of Baltimore's economic ecosystem is profound, with potential damages in the hundreds of millions. From a claims perspective, the fallout from the collision is complex which involves federal, state, and maritime laws. Investigations are underway to determine liability and the true extent of damages. The investigation into the collision of the Dali ship with the Francis Scott Key Bridge continues. While the exact cause is still under scrutiny, legal experts speculate on potential liability and insurance implications. The aftermath of the bridge collapse raises questions about liability, insurance coverage, and legal proceedings. With significant damages and potential maritime laws at play, the road to resolution will be complex. Follow our page for insights and updates on this unfolding legal saga. #BridgeCollapse #LegalPerspective #MaritimeLaw #InsuranceClaims Image Credits: Al Drago/Bloomberg Source: Property Casualty 360 https://lnkd.in/eyecYdNR
The insurance implications of Baltimore's Key Bridge accident
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Talent Acquisition Specialist at American Family Insurance (Fully licensed in Washington State) - Retired Air Force
From teachers to military veterans, and every career in between, American Family Insurance agents come from all walks of life. Whatever your background – you can pursue the dream of owning your own agency business. Learn more. #americanfamilyinsurance #dreamfearlessly #promotion #career #careergoals #careergrowth #achieveyourgoals #worklife #iWork4AmFam
Contact A Recruiter - AmFam Agency Owner Interest - American Family Insurance Enterprise
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From teachers to military veterans, and every career in between, American Family Insurance agents come from all walks of life. Whatever your background – you can pursue the dream of owning your own agency business. Learn more. #americanfamilyinsurance #dreamfearlessly #promotion #career #careergoals #careergrowth #achieveyourgoals #worklife #iWork4AmFam
Contact A Recruiter - AmFam Agency Owner Interest - American Family Insurance Enterprise
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From teachers to military veterans, and every career in between, American Family Insurance agents come from all walks of life. Whatever your background – you can pursue the dream of owning your own agency business. Learn more. #americanfamilyinsurance #dreamfearlessly #promotion #career #careergoals #careergrowth #achieveyourgoals #worklife #iWork4AmFam
Contact A Recruiter - AmFam Agency Owner Interest - American Family Insurance Enterprise
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The collapse of Baltimore’s Francis Scott Key Bridge is likely to lead to the largest single marine insurance loss ever, the chair of Lloyd's of London has said. Insurers will incur multibillion-dollar losses after the disaster, which resulted in the deaths of at least two people, with four others missing and presumed dead. Early on Tuesday the 1.5-mile bridge in the Maryland city of America collapsed after a container ship heading to Sri Lanka hit one of its concrete columns. On Wednesday, analysts at Barclays estimated that insurers could face claims of as much as $3bn (£2.4bn) as a result of the bridge collapse, with firms on Lloyd’s of London’s market the most exposed. #Marine #Insurance #Losses #Claims #Liability #Safety https://lnkd.in/e3eU7DwP
Lloyd’s Neal: Baltimore bridge “could be biggest marine industry loss”
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🏢🔒 Join the discussion with your answer below! We've prepared a challenging Property and Casualty practice question for you this week. Let us know which answer you chose and share your thoughts! 💭 bit.ly/3I7FQ2v #PropertyAndCasualty #PracticeQuestion
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